San Diego Market Update

While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well. Nationally, June showing activity as tracked by ShowingTime was up notably from the COVID-19 depressed levels in recent months but was also up from June 2019, reflecting pent-up demand by prospective home buyers.

Closed Sales decreased 7.0 percent for Detached homes and 6.2 percent for Attached homes. Pending Sales increased 21.9 percent for Detached homes and 25.0 percent for Attached homes. Inventory decreased 50.5 percent for Detached homes and 31.5 percent for Attached homes.

The Median Sales Price was up 2.5 percent to $687,000 for Detached homes and 3.0 percent to $452,990 for Attached homes. Days on Market decreased 7.1 percent for Detached homes and 12.5 percent for Attached homes. Supply decreased 51.7 percent for Detached homes and 34.6 percent for Attached homes.

While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season

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